BoI Workers Poised To Strike Over Bonuses
Issued : 25 June 2008
Jason O'Brien
BANK of Ireland (BoI) workers are to go on strike in a fortnight in a dispute over bonuses.
It is expected that branches across the country will be affected by the 24-hour work stoppage on July 8 because about 6,000 staff are members of the union that voted overwhelmingly in favour of the strike.
The stoppage will coincide with the bank's annual general meeting, and the Irish Bank Officials Association (IBOA) is encouraging members taking part to attend the AGM.
The industrial action follows BoI's decision to halve annual bonuses for staff -- agreed in a recent restructuring deal -- from 6pc to 3pc. The IBOA has estimated the cost to individual staff members at between €2,400 and €5,900 each, but BoI management are arguing that specific criteria -- earnings per share targets -- for the larger bonuses have not been met.
But the IBOA said yesterday that staff had met their side of the bargain, delivering 2,100 job cuts and savings worth €147m a year. It estimates that delivering the 6pc bonus would cost the bank an extra €20m.
"It is clearly understood that what happens on July 8 is the initial action and what happens after that depends on the reaction from management," said Seamas Shiels, IBOA communications manager, not ruling out an all-out strike at some stage.
BoI condemned the threat of a one-day strike as "completely unwarranted and against the interests of the bank's staff and customers".
Irish Independent
